2021 Housing Market Predictions Report: Denver is expected to outpace many other cities in the nation
Denver was named among the nation's top 5 hottest housing markets in a new report that predicts where people will be buying homes in 2021.
While growth is expected in every large U.S. city, expensive coastal markets — such as New York, San Francisco and Los Angeles — will lose out to Austin, Pheonix, Nashville, Tampa and Denver, according to the Survey.
More than 100 economists and real estate leaders were interviewed between Nov. 23 and Dec. 8 for the survey, which was conducted by Pulsenomics.
Surveyors also asked for home value growth predictions. Around 84 percent of experts expect Austin to outperform the national home growth average. By December, the city saw a year-over-year price increase of 23.6 percent, according to the report.
Around 69 percent of experts who were surveyed also expect to see Pheonix outperform the rest of the nation, followed by Nashville (67 percent), Tampa (60 percent) and Denver (56 percent).
"These Sun Belt destinations are migration magnets thanks to relatively affordable, family-sized homes, booming economies and sunny weather," the report's authors said.
"Record-low mortgage rates and the increased demand for living space, coupled with a surge of Millennials buying their first homes, will keep the pressure on home prices there for the foreseeable future."
'Coldest' markets in the nation, according to the report:
1. New York
2. San Francisco
3. Los Angeles